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Access Bank, Stanbic IBTC partner Coscharis in new auto finance deals


BMW. Image source tlmcars

BMW. Image source tlmcars

A new car financing deal has been launched jointly by Access Bank Plc and Stanbic IBTC Bank, in conjunction with Coscharis Motors.

The new financing deal, which both financial institutions affirmed that there would be no hidden charges associated with its repayments plan, was also well competitive in interest rate pegged at 16.5 per cent, with predetermined monthly payments for periods up to 48 months.

Beside the competitive rate, the customer also gets three per cent reduction from the total cost of the car, as well as the cost of the insurance cover.

The Executive Director, Personal Banking, Access Bank, Victor Etuokwu, during the signing of the Memorandum of understanding, said the partnership is set to transform the usual vehicle finance scheme in Nigeria.

Etuokwu said that in the past six months, the bank has been running a campaign tagged: “Take Tomorrow”, with underlying the logic that people should no longer wait and only be dreaming about tomorrow, as it is their hands to create their “tomorrow” today.

“This collaboration serves to consolidate and strengthen two brands working together to serve consumers. Consumers should take advantage of this opportunity by buying any car of their choice within the range in Coscharis Group,” he said.

The Executive Director, Personal Banking, Stanbic IBTC, Obinnia Abajue, said the new partnership, which is first of its kind in the car financing, is an opportunity for the lender to empower its customers.

To him, giving credit to consumers is part of the lender’s daily basis business, to ensure that standard of living of beneficiaries are lifted to new heights and that includes the car financing deal.

He said the bank, with its track record of success in automobile financing, is ready to spread the payment for the vehicle across 48 months or less, depending on agreement between the parities.

According to him, in the car financing scheme, the financed vehicle will serve as collateral, while it will ensure that the car is covered under comprehensive insurance policy.

But the Deputy Group Managing Director, Coscharis Motors, Okey Nwuke, advised bank customers to also take advantage of the opportunity and spread their payment for choice cars.

He said the time has passed when people use their life savings to buy a car or wait for years to be able to buy vehicle of their choice.

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